For people in the Miami valley who are in trouble with their mortgage payments, a phone call to the lender is often the first step to some sort of a solution. Many major banks have agreed to work with the Home Affordable Modification Program which was designed to help homeowners stay in their homes. But sometimes when phone calls go unanswered and communication is delayed, foreclosure will proceed.
People facing foreclosure are obviously dealing with a very difficult situation. Though people are finding assistance through the 211 help line and other services, some people feel they have no choice but to leave their homes and sometimes, their possessions behind - before the foreclosure process is even complete. What's left is a neighborhood dealing with an empty house and a new set of new problems which affect everyone on the street. WYSO's Jerry Kenney discovered such a neighborhood near his home in Miami Township. Here's what he found...
Community organizations around the Miami Valley are offering foreclosure counseling and financial literacy classes. In Clark County, the foreclosure rate continues to rise and experts say it is likely to for the foreseeable future, WYSO's Juliet Fromholt has the story of what one Springfield organization is doing to educate people about their mortgages, their homes and their Financial fitness.
The Dayton neighborhood in which Harriet Parker and her husband, Oscar, live has neatly trimmed lawns and block after block of ranch style houses. She's raised four children in this well kept home. Now, she watches her young grandchildren there during the week. She's not sure how long she'll be able to continue helping her kids with daycare, especially after she received a letter informing her that she owed nearly $92,000 in a balloon payment to her lender.